August 02, 2016
Agencies extend deadline for 38 resolution plan submissions
- Board of Governors of the Federal Reserve System
- Federal Deposit Insurance Corporation
For release at 2:00 p.m. EDT
The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Tuesday announced that 38 firms will be required to submit their next resolution plans by December 31, 2017.
Previously, the firms were required to submit their next plans by December 31, 2016. These firms include 36 domestic bank holding companies and foreign banking organizations, as well as two nonbank financial companies designated by the Financial Stability Oversight Council (FSOC). A list of the 38 firms can be found in the attached document.
The agencies expect to provide feedback and guidance based on the firms' December 2015 plans for use in their December 2017 submissions. This extension will allow the firms additional time to incorporate feedback and guidance into their next plan submissions. The agencies provided a similar extension to other firms.
The Dodd-Frank Act requires that bank holding companies with total consolidated assets of $50 billion or more or foreign banks with $50 billion or more in global consolidated assets and nonbank firms designated by the FSOC periodically submit resolution plans to the FDIC and the Federal Reserve. Each plan must describe the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code or other applicable insolvency regime in the event of material financial distress or failure of the company.